FXP360 review 2023: 5 things you should know about fxp360.com

Beware! FXP360 is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Visit Site

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

FXP360 is exactly the type of broker you have to avoid by all means. This firm is unregulated, virtually anonymous and offers some quite disadvantageous trading conditions. On top of that it has been exposed by the United Kingdom’s local regulator as an unauthorized broker that is offering its services against the law. And if that is not bad enough bear in mind that FXP360 offers very risky leverage and shady payment methods, so you definitely have no reason to deal with it. For more details on this broker, please keep reading the full review.

FXP360 Regulation and safety of funds

This website may seem credible at first glance, however there are some quite worrisome facts about it. First of all, there is no registered address displayed, nor any contact details. What’s more, this broker also doesn’t point out which jurisdiction it’s supposed to act under and that’s yet another red light. Because of that, FXP360 happens to be virtually anonymous, as we don’t know anything in particular about the firm that is operating it.

On top of that, the official financial authority of the UK – the Financial Conduct Authority, has posted a warning stating that FXP360 is an unregulated broker, offering investment services outside the law. See for yourself:

This is a clear indicator that you have to steer clear from such shady firms. Being exposed as an unreliable and unlicensed broker means that you can expect all kinds of frauds from it, including to steal every cent you have and then drop out of sight completely.

FXP360 Trading software

FXP360 claims to offer its own trading platform. There is not much information about it on the website, but once you register, you’ll get access to it right away. This is what it looks like:

As you see, this is a simple WebTrader that doesn’t require any download. However, the easy access is probably the only good thing we can say about it. Not that it’s so bad, but it just can’t stand out with anything special at all. There are only basic tools and indicators. Plus, there are no mobile apps available, so this software isn’t that convenient.

If you really want to benefit from a truly unique trading platform, better look for reputable brokers who offer the gold-standard MetaTrader 4 or MetaTrader 5.

FXP360 Trading instruments

According to its website FXP360 offers a variety of trading instruments like forex, stocks, metals, crypto, indices and commodities. The situation stays the same on its trading software. However, given the fact how insecure and even dangerous every investment here would be, we definitely recommend looking for another option. There are plenty of brokers who offer a wide range of assets anyway.

FXP360 Spreads and cost of trading

There is no data about the spread across the whole website and that’s not a good sign as well. Still, after we opened the trading software, there was a spread of 0.4 pips for EURUSD, which is fine in general. Bear in mind however that we don’t know for sure if there are any commissions ahead, so better remain vigilant and don’t trade here at all. Just as you know, look for legitimate firms who offer tight spreads below 2 pips, as these amounts come with lower trading costs.

FXP360 Maximum leverage

The maximum leverage is said to be 1:500 and that’s quite a lot to be honest. We know how appealing it may seem, however beware that the higher volumes of leverage are associated with greater risks of failure. Exactly because of that many jurisdictions around the world have made the decision to limit the leverage – 1:30 for the UK and the EU and 1:50 for the US for instance. Also don’t forget that this broker has been blacklisted as a potential scam, so trading here is definitely a horrible idea.

FXP360 Deposit and withdrawal methods

As a matter of fact, there is no data on the website about this broker’s payment methods and that’s yet another alarming sign. Reputable brokers usually describe in detail everything about their payments, including the execution time or if there are any additional taxes. In this case, we managed to find out what the options were, only after we registered and tried to add funds to our account. In short, you can use either crypto transactions or credit/debit cards. Take a look:

As you see, there seems to be another option called “Skills Helper”, however it didn’t seem to work at all. Also bear in mind that crypto payments are quite tricky, as they leave you no chance to retrieve your money. Because of that and everything else said so far, we strongly advise you to stay away from this broker and not invest even a cent here, no matter the payment methods.

FXP360 Minimum deposit

The minimum deposit with FXP360 is said to be 250 USD, which is a standard amount that most reputable brokers tend to ask for anyway. To be precise, with genuine firms sometimes you can even open a micro account with as little as 10 USD, so FXP360 doesn’t offer anything exceptional at all.

FXP360 Withdrawal requirements

Unfortunately there is no Withdrawal Policy on this website so we don’t know much when it comes to this broker’s withdrawal requirements. For example there is no data about any additional fees upon withdrawals, however it’s quite possible to come across high taxes like 15% or even more.

In addition, FXP360 claims that there are no limits to withdrawal. Furthermore, the broker however states that there is an exception – “the exception includes bank wire (minimum amount for withdrawal is 300$). For wallets, electronic payment systems and bank cards – minimum amount for withdrawal is 1 USD, including commission”. As you see, you have to watch out for hidden terms and requirements that usually are not favorable for you. Also keep in mind that legitimate brokers don’t usually require a minimum amount for withdrawal at all, so this is yet another warning sign for scam.

Avoid this shady broker for your own good!